Whether you’re thinking about buying or selling a home, there’s fantastic news to report as the spring selling season approaches. Slowing sales and growing inventories benefit buyers while record prices benefit sellers, in accordance with data in this month’s RE/MAX National Housing Report.
“Trends of five months or more often indicate significant shifts, and the year-over-year trends in declining sales and rising inventory have both reached that length now,” said RE/MAX CEO Adam Contos. “The big picture supports an ongoing return to more balanced conditions, which is beneficial to buyers and sellers.”
Fantastic News for Sellers and buyers This Spring Selling Season
Inventory Bounces Back
Inventory grew 5.8% over February of 2018, marking the fifth consecutive month of growth pursuing the decade-long trend of shrinking inventory. Of the 54 metro areas surveyed in February 2019, the overall average number of home sales is down 4.2% in comparison to last February.
Rising Median Sales Price
Bucking downward trends, the Median Sales Price increased to $240,000, a year-over-year gain of 5.5% and a February record in the 10-year history of the report. Four metro areas increased year-over-year by double-digit percentages, with the largest increases observed in Boise, Idaho; Cincinnati, Ohio; and Wilmington/Dover, Delaware.
Home Sales Down
Home sales in the 54-market report have declined year-over-year for seven consecutive months, though February’s downturn of 4.2% was the littlest since the 1.1% drop that started the streak in August 2018. Leading the month-over-month sales percentage increase were Houston, Texas; Birmingham, Alabama; and Raleigh-Durham, North Carolina.
“The next few months will determine whether the shift brings a wave of buyers into the market for the spring selling season,” added Contos. “Members of our network are reporting high local demand along with a need for even more inventory. The optimism for a solid spring exists – and a more balanced market certainly contributes to it!
Have a questions or concern? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
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